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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5242 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 5242

  To amend the Right to Financial Privacy Act of 1978 to preserve the 
      confidentiality of certain records, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           September 25, 2024

Mr. Lee (for himself and Mr. Scott of Florida) introduced the following 
 bill; which was read twice and referred to the Committee on Homeland 
                   Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL

 
  To amend the Right to Financial Privacy Act of 1978 to preserve the 
      confidentiality of certain records, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Saving Privacy 
Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                      TITLE I--BANK PRIVACY REFORM

Sec. 101. Bank Secrecy Act reforms.
   TITLE II--AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978

Sec. 201. Warrant requirements and exceptions.
                  TITLE III--CONSOLIDATED AUDIT TRAIL

Sec. 301. Requirements and prohibitions regarding the Consolidated 
                            Audit Trail.
               TITLE IV--NO CENTRAL BANK DIGITAL CURRENCY

Sec. 401. Central bank digital currency.
      TITLE V--REGULATIONS FROM THE EXECUTIVE IN NEED OF SCRUTINY

Sec. 501. Purpose.
Sec. 502. Congressional review of certain agency rulemaking.
Sec. 503. Budgetary effects of rules subject to section 802 of title 5, 
                            United States Code.
Sec. 504. Government Accountability Office study of rules.
                     TITLE VI--SUSPICIOUS ACTIVITY

Sec. 601. Criminal penalties.
Sec. 602. Civil penalties.
Sec. 603. Other relief.

                      TITLE I--BANK PRIVACY REFORM

SEC. 101. BANK SECRECY ACT REFORMS.

    (a) Right to Financial Privacy Act of 1978.--The Right to Financial 
Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended--
            (1) by amending section 1102 (12 U.S.C. 3402) to read as 
        follows:

``SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT AUTHORITIES.

    ``Except as provided by subsection (c) or (d) of section 1103 or 
section 1113, no Government authority may have access to or obtain 
copies of, or the information contained in the financial records of any 
customer from a financial institution unless the financial records are 
reasonably described and such financial records are disclosed in 
response to a search warrant which meets the requirements of section 
1106.'';
            (2) by striking sections 1104 (12 U.S.C. 3404), 1105 (12 
        U.S.C. 3405), 1107 (12 U.S.C. 3407), and 1108 (12 U.S.C. 3408); 
        and
            (3) in section 1109(a) (12 U.S.C. 3409(a)), by striking 
        ``section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),'' and 
        inserting ``section 1106(c)''.
    (b) Title 31.--Chapter 53 of title 31, United States Code, is 
amended--
            (1) by amending section 5311 to read as follows:
``Sec. 5311. Declaration of purpose
    ``It is the purpose of this subchapter to require financial 
institutions to retain transaction records that include information 
identified with or identifiable as being derived from the financial 
records of particular customers.'';
            (2) in section 5312(a)--
                    (A) in paragraph (3)--
                            (i) in subparagraph (B), by adding ``and'' 
                        at the end;
                            (ii) by striking subparagraph (C);
                            (iii) by redesignating subparagraph (D) as 
                        subparagraph (C); and
                            (iv) in subparagraph (C), as so 
                        redesignated, by striking ``subparagraph (A), 
                        (B), or (C)'' and inserting ``subparagraph (A) 
                        or (B)''; and
                    (B) by amending paragraph (4) to read as follows:
            ``(4) `nonfinancial trade or business' means any entity 
        engaged in trade or business other than a financial 
        institution.'';
            (3) by striking sections 5313, 5314, 5315, 5316, 5317, 
        5318A, 5324, 5326, 5331, 5332, and 5336;
            (4) in section 5318--
                    (A) in subsection (a)--
                            (i) in the matter preceding paragraph (1), 
                        by striking ``(except under section 5315 of 
                        this title and regulations prescribed under 
                        section 5315)'';
                            (ii) by striking paragraph (2); and
                            (iii) by redesignating paragraphs (3) 
                        through (7) as paragraphs (2) through (6), 
                        respectively; and
                    (B) in subsection (k)--
                            (i) in paragraph (1)(C), by striking ``has 
                        the same meaning as in section 5318A(e)(1)(B)'' 
                        and inserting ``means an account established to 
                        receive deposits from, make payments on behalf 
                        of a foreign financial institution, or handle 
                        other financial transactions related to such 
                        institution''; and
                            (ii) in paragraph (3)(A)(i)--
                                    (I) in subclause (II), by adding 
                                ``or'' at the end;
                                    (II) in subclause (III), by 
                                striking ``; or'' and inserting a 
                                period; and
                                    (III) by striking subclause (IV);
            (5) in section 5321--
                    (A) in subsection (a)--
                            (i) in paragraph (1), by striking ``(except 
                        sections 5314, 5315, and 5336 of this title or 
                        a regulation prescribed under sections 5314, 
                        5315, and 5336)'';
                            (ii) by striking paragraphs (2), (3), (4), 
                        and (5);
                            (iii) in paragraph (6), by striking 
                        ``(except section 5336)'' each place that term 
                        appears;
                            (iv) in paragraph (7), by striking ``or any 
                        special measures imposed under section 5318A''; 
                        and
                            (v) by redesignating paragraphs (6) and (7) 
                        as paragraphs (2) and (3), respectively;
                    (B) by striking subsection (c); and
                    (C) by redesignating subsections (d) through (g) as 
                subsection (c) through (f), respectively;
            (6) in section 5322--
                    (A) by striking ``(except section 5315, 5324, or 
                5336 of this title or a regulation prescribed under 
                section 5315, 5324, or 5336)'' each place that term 
                appears; and
                    (B) in subsection (d)--
                            (i) by striking ``, or any special measures 
                        imposed under section 5318A,''; and
                            (ii) by striking ``or section 5318A'';
            (7) in section 5325(a), in the matter preceding paragraph 
        (1), by inserting after ``$3,000'' the following: ``(as such 
        amount is annually adjusted by the Secretary to reflect the 
        percentage change in the Consumer Price Index for All Urban 
        Consumers published by the Bureau of Labor Statistics of the 
        Department of Labor)'';
            (8) in section 5330(d)(1)--
                    (A) in subparagraph (A), by adding ``and'' at the 
                end;
                    (B) by striking subparagraph (B); and
                    (C) by redesignating subparagraph (C) as 
                subparagraph (B);
            (9) in section 5335--
                    (A) by striking subsection (c); and
                    (B) by redesignating subsections (d) and (e) as 
                subsections (c) and (d), respectively;
            (10) by striking subchapter III; and
            (11) in the table of contents for chapter 53, by striking 
        the items relating to--
                    (A) sections 5313, 5314, 5315, 5316, 5317, 5318A, 
                5324, 5326, 5331, 5332, and 5336; and
                    (B) subchapter III.

   TITLE II--AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978

SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS.

    The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) 
is amended--
            (1) in section 1108 (12 U.S.C. 3408)--
                    (A) by striking paragraph (2); and
                    (B) by redesignating paragraphs (3) and (4) as 
                paragraphs (2) and (3), respectively; and
            (2) in section 1113 (12 U.S.C. 3413)--
                    (A) by repealing subsections (a), (b), (d), (e), 
                (f), (g), (i), (l), (m), (n), (p), (q), and (r); and
                    (B) by adding at the end the following:
    ``(s) Access of Records.--Notwithstanding any other provision of 
this title, the Federal Government may not access the financial records 
or information of an individual in a manner that is prohibited by the 
Fourth Amendment to the Constitution of the United States with respect 
to the records or information in question.''.

                  TITLE III--CONSOLIDATED AUDIT TRAIL

SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING THE CONSOLIDATED 
              AUDIT TRAIL.

    (a) Definitions.--In this section:
            (1) Commission.--The term ``Commission'' means the 
        Securities and Exchange Commission.
            (2) Consolidated audit trail.--The term ``Consolidated 
        Audit Trail'' means the consolidated audit trail and central 
        repository created, implemented, and maintained pursuant to 
        section 242.613 of title 17, Code of Federal Regulations, as in 
        effect on the day before the date of enactment of this Act.
            (3) Personally identifiable information.--The term 
        ``personally identifiable information''--
                    (A) means information that can be used to 
                distinguish or trace the identity of an individual, 
                either alone or when combined with other personal or 
                identifying information that is linked or linkable to a 
                specific individual, including the name, address, date 
                or year of birth, Social Security number, telephone 
                number, email, or IP-address of an individual; and
                    (B) does not include a CAT-Order-ID or CAT-
                Reporter-ID, as those terms are defined in section 
                242.613(j) of title 17, Code of Federal Regulations (or 
                any successor regulation).
            (4) Self-regulatory organization.--The term ``self-
        regulatory organization'' has the meaning given the term in 
        section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 
        78c(a)).
    (b) Requirement.--The Commission shall--
            (1) not later than 30 days after the date of enactment of 
        this Act, and notwithstanding any other provision of law or 
        regulation, terminate the Consolidated Audit Trail; and
            (2) not later that 120 days after the date of enactment of 
        this Act, amend any regulation, no action letter, interpretive 
        letter, exemptive letter, legal bulletin, or other guidance of 
        the Commission to conform to the requirements of this section.
    (c) Prohibitions.--On and after the date that the Commission 
carries out the termination required under subsection (b)(1)--
            (1) neither the Commission nor any self-regulatory 
        organization may administer the Consolidated Audit Trail; and
            (2) no Federal agency may establish any consolidated audit 
        trail, central repository, or other centralized database that 
        collects personally identifiable information of citizens of the 
        United States, unless a duly enacted law of the United States 
        specifically provides the Federal agency with the authority to 
        take that action.
    (d) Reimbursement of Fees.--Not later than 1 year after the date of 
enactment of this Act, Consolidated Audit Trail, LLC and FINRA CAT, LLC 
shall reimburse all fees collected by those entities before that date 
to carry out the Consolidated Audit Trail.

               TITLE IV--NO CENTRAL BANK DIGITAL CURRENCY

SEC. 401. CENTRAL BANK DIGITAL CURRENCY.

    Section 13 of the Federal Reserve Act is amended by adding after 
the 14th undesignated paragraph (12 U.S.C. 347d) the following:
            ``No Federal reserve bank, the Board, the Secretary of the 
        Treasury, any other agency, or any entity directed to act on 
        behalf of the Federal reserve bank, the Board, the Secretary, 
        or other agency, may mint or issue a central bank digital 
        currency directly to an individual (including a central bank 
        digital currency issued to an individual through a custodial 
        intermediary) or a digital currency intermediary, offer related 
        products or services directly to an individual, or maintain an 
        account on behalf of an individual (including an account in a 
        specially designated account at a digital currency intermediary 
        or supervised commercial bank). No Federal reserve bank may 
        hold digital currencies minted or issued by the United States 
        Government as assets or liabilities on a balance sheet of the 
        bank or use such digital currencies as part of fulfilling the 
        requirements under section 2A.''.

      TITLE V--REGULATIONS FROM THE EXECUTIVE IN NEED OF SCRUTINY

SEC. 501. PURPOSE.

    The purpose of this title is to increase accountability for and 
transparency in the Federal regulatory process. Section 1 of article I 
of the United States Constitution grants all legislative powers to 
Congress. Over time, Congress has excessively delegated its 
constitutional charge while failing to conduct appropriate oversight 
and retain accountability for the content of the laws it passes. By 
requiring a vote in Congress, the REINS Act will result in more 
carefully drafted and detailed legislation, an improved regulatory 
process, and a legislative branch that is truly accountable to the 
American people for the laws imposed upon them.

SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY RULEMAKING.

    (a) In General.--Chapter 8 of title 5, United States Code, is 
amended to read as follows:

     ``CHAPTER 8--CONGRESSIONAL REVIEW OF CERTAIN AGENCY RULEMAKING

``Sec.
``801. Congressional review.
``802. Congressional approval procedure for major rules.
``803. Congressional disapproval procedure for nonmajor rules.
``804. Definitions.
``805. Judicial review.
``806. Exemption for monetary policy.
``807. Effective date of certain rules.
``808. Review of rules currently in effect.
``Sec. 801. Congressional review
    ``(a)(1)(A) Before a rule may take effect, the Federal agency 
promulgating such rule shall publish in the Federal Register a list of 
information on which the rule is based, including data, scientific and 
economic studies, and cost-benefit analyses, and identify how the 
public can access such information online, and shall submit to each 
House of the Congress and to the Comptroller General a report 
containing--
            ``(i) a copy of the rule;
            ``(ii) a concise general statement relating to the rule;
            ``(iii) a finding, rendered in consultation with the 
        Administrator of the Office of Information and Regulatory 
        Affairs of the Office of Management and Budget, whether the 
        rule is a major or nonmajor rule, including an explanation of 
        the finding specifically addressing each criteria for a major 
        rule contained within subparagraphs (A) through (C) of section 
        804(2);
            ``(iv) a list of any other related regulatory actions 
        intended to implement the same statutory provision or 
        regulatory objective as well as the individual and aggregate 
        economic effects of those actions;
            ``(v) the proposed effective date of the rule; and
            ``(vi) a statement of the constitutional authority 
        authorizing the agency to make the rule.
    ``(B) On the date of the submission of the report under 
subparagraph (A), the Federal agency promulgating the rule shall submit 
to the Comptroller General and make available to each House of Congress 
(and to each committee of jurisdiction in each House)--
            ``(i) a complete copy of the cost-benefit analysis of the 
        rule, if any, including an analysis of any jobs added or lost, 
        differentiating between public and private sector jobs;
            ``(ii) the agency's actions pursuant to sections 603, 604, 
        605, 607, and 609 of this title;
            ``(iii) the agency's actions pursuant to sections 202, 203, 
        204, and 205 of the Unfunded Mandates Reform Act of 1995;
            ``(iv) an estimate of the effect on inflation of the rule; 
        and
            ``(v) any other relevant information or requirements under 
        any other Act and any relevant Executive orders.
    ``(C) Upon receipt of a report submitted under subparagraph (A), 
each House shall provide copies of the report to the chairman and 
ranking member of each standing committee with jurisdiction under the 
rules of the House of Representatives or the Senate to report a bill to 
amend the provision of law under which the rule is issued.
    ``(D) If requested in writing by a member of Congress--
            ``(i) the Comptroller General shall make a determination 
        whether an agency action qualifies as a rule for purposes of 
        this chapter, and shall submit to Congress this determination 
        not later than 60 days after the date of the request; and
            ``(ii) the Comptroller General, in consultation with the 
        Director of the Congressional Budget Office, shall make a 
        determination whether a rule is considered a major rule under 
        the provisions of this act, and shall submit to Congress this 
        determination not later than 90 days after the date of the 
        request.
For purposes of this section, a determination under this subparagraph 
shall be deemed to be a report under subparagraph (A).
    ``(2)(A) The Comptroller General shall provide a report on each 
major rule to the committees of jurisdiction by the end of 15 calendar 
days after the submission or publication date. The report of the 
Comptroller General shall include an assessment of the agency's 
compliance with procedural steps required by paragraph (1)(B) and an 
assessment of whether the major rule imposes any new limits or mandates 
on private-sector activity.
    ``(B) Federal agencies shall cooperate with the Comptroller General 
by providing information relevant to the Comptroller General's report 
under subparagraph (A).
    ``(3) A major rule relating to a report submitted under paragraph 
(1) shall take effect upon enactment of a joint resolution of approval 
described in section 802 or as provided for in the rule following 
enactment of a joint resolution of approval described in section 802, 
whichever is later.
    ``(4) A nonmajor rule shall take effect as provided by section 803 
after submission to Congress under paragraph (1).
    ``(5) If a joint resolution of approval relating to a major rule is 
not enacted within the period provided in subsection (b)(2), then a 
joint resolution of approval relating to the same rule may not be 
considered under this chapter in the same Congress by either the House 
of Representatives or the Senate.
    ``(b)(1) A major rule shall not take effect unless the Congress 
enacts a joint resolution of approval described under section 802.
    ``(2) If a joint resolution described in subsection (a) is not 
enacted into law by the end of 70 session days or legislative days, as 
applicable, beginning on the date on which the report referred to in 
subsection (a)(1)(A) is received by Congress (excluding days either 
House of Congress is adjourned for more than 3 days during a session of 
Congress), then the rule described in that resolution shall be deemed 
not to be approved and such rule shall not take effect.
    ``(c)(1) Notwithstanding any other provision of this section 
(except subject to paragraph (3)), a major rule may take effect for one 
90-calendar-day period if the President makes a determination under 
paragraph (2) and submits written notice of such determination to the 
Congress.
    ``(2) Paragraph (1) applies to a determination made by the 
President by Executive order that the major rule should take effect 
because such rule is--
            ``(A) necessary because of an imminent threat to health or 
        safety or other emergency;
            ``(B) necessary for the enforcement of criminal laws;
            ``(C) necessary for national security; or
            ``(D) issued pursuant to any statute implementing an 
        international trade agreement.
    ``(3) An exercise by the President of the authority under this 
subsection shall have no effect on the procedures under section 802.
    ``(d)(1) In addition to the opportunity for review otherwise 
provided under this chapter, in the case of any rule for which a report 
was submitted in accordance with subsection (a)(1)(A) during the period 
beginning on the date occurring--
            ``(A) in the case of the Senate, 60 session days; or
            ``(B) in the case of the House of Representatives, 60 
        legislative days,
before the date the Congress is scheduled to adjourn a session of 
Congress through the date on which the same or succeeding Congress 
first convenes its next session, sections 802 and 803 shall apply to 
such rule in the succeeding session of Congress.
    ``(2)(A) In applying sections 802 and 803 for purposes of such 
additional review, a rule described under paragraph (1) shall be 
treated as though--
            ``(i) such rule were published in the Federal Register on--
                    ``(I) in the case of the Senate, the 15th session 
                day; or
                    ``(II) in the case of the House of Representatives, 
                the 15th legislative day,
        after the succeeding session of Congress first convenes; and
            ``(ii) a report on such rule were submitted to Congress 
        under subsection (a)(1) on such date.
    ``(B) Nothing in this paragraph shall be construed to affect the 
requirement under subsection (a)(1) that a report shall be submitted to 
Congress before a rule can take effect.
    ``(3) A rule described under paragraph (1) shall take effect as 
otherwise provided by law (including other subsections of this 
section).
``Sec. 802. Congressional approval procedure for major rules
    ``(a)(1) For purposes of this section, the term `joint resolution' 
means only a joint resolution addressing a report classifying a rule as 
major pursuant to section 801(a)(1)(A)(iii) that--
            ``(A) bears no preamble;
            ``(B) bears the following title (with blanks filled as 
        appropriate): `Approving the rule submitted by ___ relating to 
        ___.';
            ``(C) includes after its resolving clause only the 
        following (with blanks filled as appropriate): `That Congress 
        approves the rule submitted by ___ relating to ___.'; and
            ``(D) is introduced pursuant to paragraph (2).
    ``(2) After a House of Congress receives a report classifying a 
rule as major pursuant to section 801(a)(1)(A)(iii), the majority 
leader of that House (or his or her respective designee) shall 
introduce (by request, if appropriate) a joint resolution described in 
paragraph (1)--
            ``(A) in the case of the House of Representatives, within 3 
        legislative days; and
            ``(B) in the case of the Senate, within 3 session days.
    ``(3) A joint resolution described in paragraph (1) shall not be 
subject to amendment at any stage of proceeding.
    ``(b) A joint resolution described in subsection (a) shall be 
referred in each House of Congress to the committees having 
jurisdiction over the provision of law under which the rule is issued.
    ``(c) In the Senate, if the committee or committees to which a 
joint resolution described in subsection (a) has been referred have not 
reported it at the end of 15 session days after its introduction, such 
committee or committees shall be automatically discharged from further 
consideration of the resolution and it shall be placed on the calendar. 
A vote on final passage of the resolution shall be taken on or before 
the close of the 15th session day after the resolution is reported by 
the committee or committees to which it was referred, or after such 
committee or committees have been discharged from further consideration 
of the resolution.
    ``(d)(1) In the Senate, when the committee or committees to which a 
joint resolution is referred have reported, or when a committee or 
committees are discharged (under subsection (c)) from further 
consideration of a joint resolution described in subsection (a), it is 
at any time thereafter in order (even though a previous motion to the 
same effect has been disagreed to) for a motion to proceed to the 
consideration of the joint resolution, and all points of order against 
the joint resolution (and against consideration of the joint 
resolution) are waived. The motion is not subject to amendment, or to a 
motion to postpone, or to a motion to proceed to the consideration of 
other business. A motion to reconsider the vote by which the motion is 
agreed to or disagreed to shall not be in order. If a motion to proceed 
to the consideration of the joint resolution is agreed to, the joint 
resolution shall remain the unfinished business of the Senate until 
disposed of.
    ``(2) In the Senate, debate on the joint resolution, and on all 
debatable motions and appeals in connection therewith, shall be limited 
to not more than 2 hours, which shall be divided equally between those 
favoring and those opposing the joint resolution. A motion to further 
limit debate is in order and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed to the consideration of 
other business, or a motion to recommit the joint resolution is not in 
order.
    ``(3) In the Senate, immediately following the conclusion of the 
debate on a joint resolution described in subsection (a), and a single 
quorum call at the conclusion of the debate if requested in accordance 
with the rules of the Senate, the vote on final passage of the joint 
resolution shall occur.
    ``(4) Appeals from the decisions of the Chair relating to the 
application of the rules of the Senate to the procedure relating to a 
joint resolution described in subsection (a) shall be decided without 
debate.
    ``(e) In the House of Representatives, if any committee to which a 
joint resolution described in subsection (a) has been referred has not 
reported it to the House at the end of 15 legislative days after its 
introduction, such committee shall be discharged from further 
consideration of the joint resolution, and it shall be placed on the 
appropriate calendar. On the second and fourth Thursdays of each month 
it shall be in order at any time for the Speaker to recognize a Member 
who favors passage of a joint resolution that has appeared on the 
calendar for at least 5 legislative days to call up that joint 
resolution for immediate consideration in the House without 
intervention of any point of order. When so called up a joint 
resolution shall be considered as read and shall be debatable for 1 
hour equally divided and controlled by the proponent and an opponent, 
and the previous question shall be considered as ordered to its passage 
without intervening motion. It shall not be in order to reconsider the 
vote on passage. If a vote on final passage of the joint resolution has 
not been taken by the third Thursday on which the Speaker may recognize 
a Member under this subsection, such vote shall be taken on that day.
    ``(f)(1) If, before passing a joint resolution described in 
subsection (a), one House receives from the other a joint resolution 
having the same text, then--
            ``(A) the joint resolution of the other House shall not be 
        referred to a committee; and
            ``(B) the procedure in the receiving House shall be the 
        same as if no joint resolution had been received from the other 
        House until the vote on passage, when the joint resolution 
        received from the other House shall supplant the joint 
        resolution of the receiving House.
    ``(2) This subsection shall not apply to the House of 
Representatives if the joint resolution received from the Senate is a 
revenue measure.
    ``(g) If either House has not taken a vote on final passage of the 
joint resolution by the last day of the period described in section 
801(b)(2), then such vote shall be taken on that day.
    ``(h) This section and section 803 are enacted by Congress--
            ``(1) as an exercise of the rulemaking power of the Senate 
        and House of Representatives, respectively, and as such are 
        deemed to be part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution described in 
        subsection (a) and superseding other rules only where 
        explicitly so; and
            ``(2) with full recognition of the constitutional right of 
        either House to change the rules (so far as they relate to the 
        procedure of that House) at any time, in the same manner and to 
        the same extent as in the case of any other rule of that House.
``Sec. 803. Congressional disapproval procedure for nonmajor rules
    ``(a) For purposes of this section, the term `joint resolution' 
means only a joint resolution introduced in the period beginning on the 
date on which the report referred to in section 801(a)(1)(A) is 
received by Congress and ending 60 days thereafter (excluding days 
either House of Congress is adjourned for more than 3 days during a 
session of Congress), the matter after the resolving clause of which is 
as follows: `That Congress disapproves the nonmajor rule submitted by 
the ___ relating to ___, and such rule shall have no force or effect.' 
(The blank spaces being appropriately filled in).
    ``(b) A joint resolution described in subsection (a) shall be 
referred to the committees in each House of Congress with jurisdiction.
    ``(c) In the Senate, if the committee to which is referred a joint 
resolution described in subsection (a) has not reported such joint 
resolution (or an identical joint resolution) at the end of 15 session 
days after the date of introduction of the joint resolution, such 
committee may be discharged from further consideration of such joint 
resolution upon a petition supported in writing by 30 Members of the 
Senate, and such joint resolution shall be placed on the calendar.
    ``(d)(1) In the Senate, when the committee to which a joint 
resolution is referred has reported, or when a committee is discharged 
(under subsection (c)) from further consideration of a joint resolution 
described in subsection (a), it is at any time thereafter in order 
(even though a previous motion to the same effect has been disagreed 
to) for a motion to proceed to the consideration of the joint 
resolution, and all points of order against the joint resolution (and 
against consideration of the joint resolution) are waived. The motion 
is not subject to amendment, or to a motion to postpone, or to a motion 
to proceed to the consideration of other business. A motion to 
reconsider the vote by which the motion is agreed to or disagreed to 
shall not be in order. If a motion to proceed to the consideration of 
the joint resolution is agreed to, the joint resolution shall remain 
the unfinished business of the Senate until disposed of.
    ``(2) In the Senate, debate on the joint resolution, and on all 
debatable motions and appeals in connection therewith, shall be limited 
to not more than 10 hours, which shall be divided equally between those 
favoring and those opposing the joint resolution. A motion to further 
limit debate is in order and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed to the consideration of 
other business, or a motion to recommit the joint resolution is not in 
order.
    ``(3) In the Senate, immediately following the conclusion of the 
debate on a joint resolution described in subsection (a), and a single 
quorum call at the conclusion of the debate if requested in accordance 
with the rules of the Senate, the vote on final passage of the joint 
resolution shall occur.
    ``(4) Appeals from the decisions of the Chair relating to the 
application of the rules of the Senate to the procedure relating to a 
joint resolution described in subsection (a) shall be decided without 
debate.
    ``(e) In the Senate, the procedure specified in subsection (c) or 
(d) shall not apply to the consideration of a joint resolution 
respecting a nonmajor rule--
            ``(1) after the expiration of the 60 session days beginning 
        with the applicable submission or publication date; or
            ``(2) if the report under section 801(a)(1)(A) was 
        submitted during the period referred to in section 801(d)(1), 
        after the expiration of the 60 session days beginning on the 
        15th session day after the succeeding session of Congress first 
        convenes.
    ``(f) If, before the passage by one House of a joint resolution of 
that House described in subsection (a), that House receives from the 
other House a joint resolution described in subsection (a), then the 
following procedures shall apply:
            ``(1) The joint resolution of the other House shall not be 
        referred to a committee.
            ``(2) With respect to a joint resolution described in 
        subsection (a) of the House receiving the joint resolution--
                    ``(A) the procedure in that House shall be the same 
                as if no joint resolution had been received from the 
                other House; but
                    ``(B) the vote on final passage shall be on the 
                joint resolution of the other House.
``Sec. 804. Definitions
    ``For purposes of this chapter:
            ``(1) The term `Federal agency' means--
                    ``(A) the Board of Governors of the Federal Reserve 
                System;
                    ``(B) the Securities and Exchange Commission;
                    ``(C) the Commodity Futures Trading Commission;
                    ``(D) the Federal Deposit Insurance Corporation;
                    ``(E) the Bureau of Consumer Financial Protection;
                    ``(F) the Department of the Treasury, including the 
                Office of the Comptroller of the Currency and the 
                Financial Crimes Enforcement Network; or
                    ``(G) the National Credit Union Administration.
            ``(2) The term `major rule' means any rule, including an 
        interim final rule, that the Administrator of the Office of 
        Information and Regulatory Affairs of the Office of Management 
        and Budget or the Federal agency promulgating such rule finds 
        has resulted in or is likely to result in--
                    ``(A) an annual effect on the economy of $100 
                million or more;
                    ``(B) a major increase in costs or prices for 
                consumers, individual industries, Federal, State, or 
                local government agencies, or geographic regions;
                    ``(C) significant adverse effects on competition, 
                employment, investment, productivity, innovation, or 
                the ability of United States-based enterprises to 
                compete with foreign-based enterprises in domestic and 
                export markets; or
                    ``(D) in an increase in mandatory vaccinations.
            ``(3) The term `nonmajor rule' means any rule that is not a 
        major rule.
            ``(4) The term `rule' has the meaning given the term in 
        section 551, except that the term--
                    ``(A) includes interpretative rules, general 
                statements of policy, and all other agency guidance 
                documents; and
                    ``(B) does not include--
                            ``(i) any rule of particular applicability, 
                        including a rule that approves or prescribes 
                        for the future rates, wages, prices, services, 
                        or allowances therefore, corporate or financial 
                        structures, reorganizations, mergers, or 
                        acquisitions thereof, or accounting practices 
                        or disclosures bearing on any of the foregoing;
                            ``(ii) any rule relating to agency 
                        management or personnel; or
                            ``(iii) any rule of agency organization, 
                        procedure, or practice that does not 
                        substantially affect the rights or obligations 
                        of non-agency parties.
            ``(5) The term `submission or publication date', except as 
        otherwise provided in this chapter, means--
                    ``(A) in the case of a major rule, the date on 
                which the Congress receives the report submitted under 
                section 801(a)(1); and
                    ``(B) in the case of a nonmajor rule, the later 
                of--
                            ``(i) the date on which the Congress 
                        receives the report submitted under section 
                        801(a)(1); and
                            ``(ii) the date on which the nonmajor rule 
                        is published in the Federal Register, if so 
                        published.
``Sec. 805. Judicial review
    ``(a) In General.--No determination, finding, action, or omission 
under this chapter shall be subject to judicial review.
    ``(b) Exception.--Notwithstanding subsection (a), a court may 
determine whether a Federal agency has completed the necessary 
requirements under this chapter for a rule to take effect.
    ``(c) Rule of Construction.--The enactment of a joint resolution of 
approval under section 802 shall not be interpreted to serve as a grant 
or modification of statutory authority by Congress for the promulgation 
of a rule, shall not extinguish or affect any claim, whether 
substantive or procedural, against any alleged defect in a rule, and 
shall not form part of the record before the court in any judicial 
proceeding concerning a rule except for purposes of determining whether 
or not the rule is in effect.
``Sec. 806. Exemption for monetary policy
    ``Nothing in this chapter shall apply to rules that concern 
monetary policy proposed or implemented by the Board of Governors of 
the Federal Reserve System or the Federal Open Market Committee.
``Sec. 807. Effective date of certain rules
    ``Notwithstanding section 801--
            ``(1) any rule that establishes, modifies, opens, closes, 
        or conducts a regulatory program for a commercial, 
        recreational, or subsistence activity related to hunting, 
        fishing, or camping; or
            ``(2) any rule other than a major rule which an agency for 
        good cause finds (and incorporates the finding and a brief 
        statement of reasons therefore in the rule issued) that notice 
        and public procedure thereon are impracticable, unnecessary, or 
        contrary to the public interest,
shall take effect at such time as the Federal agency promulgating the 
rule determines.
``Sec. 808. Review of rules currently in effect
    ``(a) Annual Review.--Beginning on the date that is 180 days after 
the date of enactment of this section, and annually thereafter for the 
4 years following, each agency shall designate not less than 20 percent 
of eligible rules made by that agency for review and shall submit a 
report including each such eligible rule in the same manner as a report 
under section 801(a)(1). Sections 801, 802, and 803 shall apply to each 
such rule, subject to subsection (c) of this section. No eligible rule 
previously designated may be designated again.
    ``(b) Sunset for Eligible Rules Not Extended.--Beginning after the 
date that is 5 years after the date of enactment of this section, if 
Congress has not enacted a joint resolution of approval for that 
eligible rule, that eligible rule shall not continue in effect.
    ``(c) Approval of Rules.--
            ``(1) In general.--Unless Congress approves all eligible 
        rules designated by executive agencies for review within 90 
        days of designation, they shall have no effect.
            ``(2) Formatting.--A single joint resolution of approval 
        shall apply to all eligible rules in a report designated for a 
        year as follows: `That Congress approves the rules submitted by 
        the___ for the year ___.' (The blank spaces being appropriately 
        filled in).
            ``(3) Procedure.--A member of either House may move that a 
        separate joint resolution be required for a specified rule.
    ``(d) Definition.--In this section, the term `eligible rule' means 
a rule that is in effect as of the date of enactment of this 
section.''.
    (b) Technical and Conforming Amendment.--The chapter heading for 
chapter 8 of title 5, United States Code, is amended by inserting 
``CERTAIN'' after ``OF''.

SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO SECTION 802 OF TITLE 5, 
              UNITED STATES CODE.

    Section 257(b)(2) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 (2 U.S.C. 907(b)(2)) is amended by adding at the 
end the following new subparagraph:
                    ``(E) Budgetary effects of rules subject to section 
                802 of title 5, united states code.--Any rule subject 
                to the congressional approval procedure set forth in 
                section 802 of chapter 8 of title 5, United States 
                Code, affecting budget authority, outlays, or receipts 
                shall be assumed to be effective unless it is not 
                approved in accordance with such section.''.

SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF RULES.

    (a) In General.--The Comptroller General of the United States shall 
conduct a study to determine, as of the date of the enactment of this 
Act--
            (1) how many rules (as that term is defined in section 804 
        of title 5, United States Code, as added by this title) were in 
        effect;
            (2) how many major rules (as that term is defined in 
        section 804 of title 5, United States Code, as added by this 
        title) were in effect; and
            (3) the total estimated economic cost imposed by all such 
        rules.
    (b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Comptroller General of the United States shall submit to 
Congress, and publish on the website of the Government Accountability 
Office, a report that contains the findings of the study conducted 
under subsection (a).

                     TITLE VI--SUSPICIOUS ACTIVITY

SEC. 601. CRIMINAL PENALTIES.

    The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) 
is amended by inserting after section 1116 (12 U.S.C. 3416) the 
following:

                          ``criminal penalties

    ``Sec. 1116A.  (a) Except as provided in subsection (b), any agency 
or department of the United States or financial institution knowingly 
obtaining or knowingly disclosing financial records or information 
contained therein in violation of this title shall be fined in any 
amount not exceeding $5,000, or imprisoned not more than 5 years, or 
both, together with the costs of prosecution, and if such offense is 
committed by any officer or employee of the United States, the officer 
or employee shall, in addition to any other punishment, be dismissed 
from office or discharged from employment upon conviction for such 
offense.
    ``(b) Any financial institution or agent or employee thereof making 
a disclosure of financial records pursuant to this title in good-faith 
reliance upon a certificate by any Government authority or pursuant to 
the provisions of section 1113(l) shall not be subject to prosecution 
under subsection (a).''.

SEC. 602. CIVIL PENALTIES.

    Section 1117(a) of the Right to Financial Privacy Act of 1978 (12 
U.S.C. 3417(a)) is amended by striking paragraphs (1) through (4) and 
inserting the following:
            ``(1) not less than $1,000 per violation per day;
            ``(2) reasonable attorney's fees and litigation costs; and
            ``(3) compensatory damages.''.

SEC. 603. OTHER RELIEF.

    The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) 
is amended by inserting after section 1118 (12 U.S.C. 3418) the 
following:

                             ``other relief

    ``Sec. 1118A. In addition to any other remedy contained in this 
title, a writ of mandamus and all other appropriate relief, including 
any equitable or declaratory relief, shall be available to require that 
the procedures of this title are complied with.''.
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